EUR/JPY

Trend is bullish in four hours chart. Critical support is present at 118.22 price level. Currently; the price of EUR/JPY currency pair has fallen and printed bearish Wave c leg. Bearish Elliott Wave c also completed X Wave. A good suggestion is to buy at market to ride and trade bullish Wave Y leg.

However; if market closes a bearish candlestick below 118.22 important support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

Trend is bullish in four hours chart. Critical support is present at 118.22 price level. Currently; the price of EUR/JPY currency pair is falling down to print bearish Wave c leg which is going to complete a Zig Zag Wave X pattern. A good suggestion is to wait for the Wave X to first complete and then look for a buy trade to join an up trend.

However; if market closes a bearish candlestick below 118.22 important support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

Trend is bullish in four hours chart. Critical support is present at 119.45 price level. The price of EUR/JPY currency pair moved up and we got a bullish Wave iii leg. Now, I expect a top in price action and market is going to fall down to print a short term bearish pull back – Wave iv. Wave iv which is most likely going to be a sideways corrective pattern – Flat or Triangle.

A good suggestion is to wait for the Wave iv to first appear and then look for a buy trade to join an up trend. However; if market closes a bearish candlestick below 119.45 important support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

Trend is bullish in four hours chart. Critical support is present at 118.22 price level. The price of EUR/JPY currency pair moved up to print bullish Wave iii leg. Now, I expect a top in price action and market to going to fall down to print a short term bearish pull back – Wave iv. Wave iv which is most likely going to be a sideways corrective pattern.

A good suggestion is to wait for the Wave iv to first appear and then look for a buy trade to join an up trend. However; if market closes a bearish candlestick below 118.22 vital support area then bullish trend will end. In such case, I will stop myself from trading and re-analyze the price chart of EUR/JPY currency pair.

Trend is bearish in EUR/JPY currency pair in 4 hours time frame. Short term resistance is present at 121.32 price level. Based on Elliott wave analysis, we got a bearish Zig Zag pattern.

I expect, price of EUR/JPY currency pair to continue the decline towards 117.50 price level in coming trading days. A good idea is to look for a sell trade and join the down trend to ride and trade bearish Wave c leg.

However; if price of EUR/JPY currency pair goes above 121.32 critical resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the market and re-analyze the EUR/JPY 4 hours chart.

In a daily time frame of EUR/JPY currency pair, I expect a possible long trade. I am just waiting out side for the candle to close above 125.25 price level. Closing of a candle is very important when you trade with price patterns (also know as chart patterns). If market is not going to take out 125.25 price level on a closing basis then it is better to stay out until you see a clear break out.

Want to get more trading setups? Checkout my rest of the trades at “Live Forex Trading Room” and see my charts plus computer screen in real time.

There was one intraday trade taken today which went off very well. I would like to concentrate on this trade today and the process which gave us the necessary confirmations to enter the market correctly.

It was a Yen pair on which we traded, but thats not how the trade started out. Lets have a look at the sort of correlations we were looking for.

We started off analyzing the EUR/USD. This pair has been in a bullish intraday phase, and we plotted some 1-2-3 Formations and applied our Fibonacci Expansions. Based on the Expansions, we knew that a certain level has yet to be satisfied. We were thus bullish on the EUR/USD, expecting it to go up. Read the rest of this entry »

There were a couple of intraday trades today, which we will go over before following up on the long term trades which we are into up to now.

On the GBP/CHF we identified a Bearish Divergence, which contributed to a Short trade, as pointed out by one of our members. The price made higher highs, stochastics made lower highs, and the lower high on the stochastic was quite below the overbought level of 80. This means the momentum has been decreasing in this rally of price which gave us the second high. This signifies a change of trend. This was a nice divergence, and we went in according to our divergence trading rules.

We plotted our Fibonacci Fans, and also used other fib projections to get our targets for a technically correct and profitable trade. Read the rest of this entry »

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